Social Shares Lower Prices At The World’s Most Expensive Shop
Artwork at the Worth Pop-Up starts at £1 million, and only social media can drive the prices down.
In a secret location, from June 6th – 8th, students of Central Saint Martins’ Graphic Design BA program will be selling limited edition artwork with a starting price of £1 million (about $1.6 million). However, as the event gets shared on Twitter, the price of the art will be driven down.
When the Worth pop-up website launched, it stated that each piece of student work (which as of yet are unseen) would cost £1 million. But as people tweeted about the impending event, the price of the art work went down. Currently, after a couple of weeks online, all of the art work is now valued at just over £21,000 (USD $35,000). Natasha Ayres, one of the students working on the project, tells PSFK:
To us, Worth is all about making the consumer question the value of items. Our aim is to bring meaning to the market place and turn the world of commerce on its head, by essentially putting the audience and consumers in charge of how much our shop items will be retailed at on the day.
The hope is that the more the pop-up is shared on social media, the more affordable the art will become. Questioning ideas of worth and value are particularly pertinent in the art world where objects by certain artists are regularly bought at auction for exorbitant prices just because of the name attached. Explains Ayres:
By calling the pop-up ‘Worth,‘ we want the public to consider the process behind the making of the items, rather than basing an object’s value on other unnecessary factors. Ultimately, we want to challenge people’s perceptions of the word ‘Worth‘ and the perceptions surrounding it. We want to question if an object should be valued based on the process it has gone through rather than just based on the aesthetics and superficial elements.
The pop-up is not only interesting from a conceptual point of view but also as a clever marketing scheme, using consumers to both dictate the price of the products they might buy and also using them to generate buzz, conversation and publicity around the event.
The Worth shop features 940 products from 94 students, but we will have to wait until June 6th to see what they are all truly worth.